This paper finds substantial risk diversification potential between certain commodity groups and stocks by exploring the dependence between their patterns of regime switching. None of the commodity groups share a common volatility regime with stocks, nor are the regime switching patterns of...

This paper studies the interaction between excess spillovers and financialization of cross-sectional commodity markets. Investigating excess spillovers of cross-sectional commodity markets shows the magnitude and the direction of financialization impacts, is more informative than studying the...